22 May 2024, London/New York – IPC, the leading provider of secure, compliant communications and multi-cloud connectivity solutions for the financial markets, has joined forces with global communications surveillance tech firm VoxSmart to significantly enhance the accuracy and efficiency of multilingual transcription technology for financial institutions.
Drawing on cutting-edge artificial intelligence (AI) technology and using real-life conversations had by capital markets professionals, the partnership is set to transform how financial markets operate. Offering a 50-fold increase in speed compared to previous transcription technologies, the new capability will deliver unparalleled accuracy in real-time transcriptions across all financial languages.
The new technology empowers front office trading desks and sales teams to seamlessly convert real-time audio into structured data, permitting them to integrate insights into trading blotters, order management systems, and CRM applications. This integration opens doors for the development and implementation of proprietary large language models (LLM) and natural language processing (NLP) applications.
The news arrives on the heels of remarkable advancements in AI and large language modeling. These breakthroughs enable transcription innovators to create more robust and precise engines. It couldn’t come at a more crucial time for financial institutions, which face increasing regulatory scrutiny on communications reporting. With billions in fines already levied for non-compliance, the need for highly accurate multilingual AI transcription technology has never been more pressing.
Oliver Blower, CEO of VoxSmart, said: “Voice-based communications are the lifeblood of many over-the-counter markets. Until now, they’ve been blind spots for many firms, posing challenges not just for compliance monitoring but also for uncovering valuable business insights. Our partnership with IPC seeks to change that, equipping financial institutions with the ability to effortlessly meet evolving compliance requirements while gaining a competitive edge by bridging communication gaps in rapidly expanding markets.”
James Tonks, SVP Partner Development, IPC commented: “Our partnership with VoxSmart marks a significant leap forward in the realm of financial communications. By combining our secure, compliant communication solutions with VoxSmart’s advanced AI-driven transcription technology, we are not only enhancing compliance capabilities but also empowering our clients with unprecedented real-time insights and operational efficiency. This collaboration is a testament to our commitment to innovation and excellence in serving the financial markets.
